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November Rate Review

The saying: ‘There’s no time like the present’ has never been more true when it comes to timely home loan decisions, with a slew of out-of-cycle rate rises recently hitting the market.

While there’s talk of a potential cash rate cut on the cards for the near future, the gauntlet against homeowners has already been laid down by those providers who are hiking rates, including all big four banks, and now it’s up to Australians to make their move. One home loan option that could see you make even more of a saving is a 100% offset account, with the account working to shave interest off your repayments.

Here are the lowest variable and three year fixed rates on that will also allow you to have a 100% offset account.

Lowest variable rate home loans with 100% offset options:

Mortgage House Summer Home Loan

Interest rate: 3.79%

This discounted rate is available for the first 12 months of the loan, at which point it will revert to 3.99% – which is still a very low rate. If you don’t mind the $200 settlement fee, $395 legal fee and $450 discharge fee, you’ll find this home loan offers some cushy features, including no ongoing fees, no application fee if your loan is over $250,000, and redraw facilities.

Newcastle Permanent Premium Plus Package Home Loan

Interest rate: 3.99%

Until the end of November, this home loan comes with a $2,000 cash back offer for refinancers borrowing over $150,000, which might be incentive enough for some borrowers. No application, legal, valuation or settlement fees may amplify the allure of this product, but you’ll need to weigh the initial savings against the $375 annual package fee. Offset Variable Home Loan

Interest rate: 4.06%

Features such as being able to split the loan up to five times for free, no ongoing or application fees and utilise extra payments and redraws all add to the low rate and offset comforts of this product. You will, however, need at least 10% of your deposit saved and be okay with both a $220 valuation and $300 settlement fee.

Lowest three year fixed rate home loans with 100% offset options:

Bank Of Queensland Fixed Rate Home Loan

Interest rate: 3.94%

This is the lowest 3 year fixed rate home loan on that allows for a 100% offset account, and it’s also quite flexible in other areas including being able to borrow up to 95% of the property value and letting you make extra repayments. Just be aware of a $10 monthly fee, as well as the $300 application fee and $150 settlement fee.

Beyond Bank Total Home Loan Package

Interest rate: 4.19%

This low rate is available to those looking to borrow $500,000 or more, and those who can comfortably shoulder a $395 annual fee. The ability to make free extra repayments up to $25,000 per year, as well as having redraw options, may help you offset the sting of that significant ongoing fee.

Mortgage House 100% Offset

Interest rate: 4.39%

If you don’t mind a $395 legal fee or a $200 settlement fee, then this will be a heavy contender in the low rate, 3-year-fixed space. Some of the bolstering aspects of this loan include no application fees, no ongoing service fees, the ability to borrow up to 95% of the property value and extra repayment and redraw options.

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